Dewey Company was organized on January 1. During the first year of operations, the following plant asset
Question:
Dewey Company was organized on January 1. During the first year of operations, the following plant asset expenditures and receipts were recorded in random order.
InstructionsAnalyze the foregoing tranactions using the following column headings. Insert the number of each transaction in the Item space, and insert the amounts in the appropriate columns. For amounts entered in the Other Accounts column, also indicate the account title. Item Land Building OtherAccounts
Transcribed Image Text:
Debits 1. Accrued real estate taxes paid at time of purchase of real estate 2. Real estate taxes on land paid for the current year 3. Full payment to building contractor 4. Excavation costs for new building 5. Cost of real estate purchased as a plant site (land $75.000 and building $25,000) 6. Cost of parking lots and driveways 7. Architect's fees on building plans 8. Installation cost of fences around property 9. Cost of demolishing building to make land suitable for construction of new building $ 5,000 7,500 500,000 19,000 100,000 18,000 9,000 6,000 17.000 $681,500 Credit $ 3,500 10. Proceeds from salvage of demolished building
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 69% (13 reviews)
Item Land Building Other Accounts 1 2 3 4 ...View the full answer
Answered By
PALASH JHANWAR
I am a Chartered Accountant with AIR 45 in CA - IPCC. I am a Merit Holder ( B.Com ). The following is my educational details.
PLEASE ACCESS MY RESUME FROM THE FOLLOWING LINK: https://drive.google.com/file/d/1hYR1uch-ff6MRC_cDB07K6VqY9kQ3SFL/view?usp=sharing
3.80+
3+ Reviews
10+ Question Solved
Related Book For
Accounting Principles
ISBN: 978-0470533475
9th Edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
Question Posted:
Students also viewed these Accounting questions
-
Peete Company was organized on January 1. During the first year of operations, the following plant asset expenditures and receipts were recorded in random order. Expenditures 1. Excavation costs for...
-
During the first year of operation, 2013, Ferrells Appliance recognized $261,000 of service revenue on account. At the end of 2013, the accounts receivable balance was $46,300. Even though this is...
-
During the first year of operation, 2013, Custom Appliance Co. recognized $320,000 of service revenue on account. At the end of 2013, the accounts receivable balance was $47,000. For this first year...
-
Which market segments are the most favorable for Hyundai card? Does the company do an effective job of targeting and reaching those segments? If so, How? If not, why not?
-
$11,600,000 was transferred from the General Fund to the DSF to finance one year's principal and interest for the school building bonds. Use the following abbreviations for the funds and nonfund...
-
Ponzi may choose to pay off the loan early if interest rates change during the next ten years. Determine the ending balance of the loan each year under the three different payment plans? Required...
-
What are the strategies that can be deployed to integrate project supply chains?
-
Spicy Salsa Company produces its condiments in two types: Extra Fine for restaurant customers and Family Style for home use. Salsa is prepared in department 1 and packaged in department 2. The...
-
During a particular routine, a gymnast uses a 0.0010-kg ribbon. The 2.0-m-long ribbon is held with one hand and then is shaken in a small up-and-down motion generating a wave. The wave generated has...
-
The following information comes from manager and you are asked to create a financial report in term of balance sheet and income statement. Paying office rent from the bank account $3,500 per month...
-
Lebo Company and Ritter Corporation, two corporations of roughly the same size, are both involved in the manufacture of in-line skates. Each company depreciates its plant assets using the...
-
In recent years, Pablo Company purchased three machines. Because of heavy turnover in the accounting department, a different accountant was in charge of selecting the depreciation method for each...
-
Give two reasons why the surface of Venus is so much hotter than the earths surface.
-
ash flow model. Scenario... Subscribe to view answer Related Answered QuestionsQq2c. due by 1145pm est usa. Exercise 5-9A Allocating costs with different cost drivers LO 5-2, 5-3 Wallace Publishing...
-
Blue Thunder was formed many years ago. It had acquired a number of subsidiaries and associates locally, including an 80 percent interest in subsidiary Lightning. During the current year, it sold its...
-
Pears acquired a 40 percent interest in Apples on 1 January x6 when the fair value of the net assets of Apples was RM23 million. The cost of the investment was RM11 million. The fair value of the net...
-
File 5 F20 3 4 5 6 Undo AutoSave Off H Paste Home Insert Draw X (A - Clipboard G 5 Amy 6 Veronica 69 7 8 7 Larkin 9 8 Bethany 10 9 Alex 11 10 Frank 12 11 Harold 13 12 Louis 14 13 Daniel 15 14 Wendy...
-
On October 3, Sandberg Art Supplies did an inventory and determined that they were running low on several Schutzen products that had been greatly in demand for the previous month. Their clerk then...
-
Aboat is purchased by financing $50,000. The loan is to be paid over a 5-year period with annual payments based on a 15 percent compounding rate per year. Each successive payment is scheduled to be...
-
Which of the following is NOT a magnetic dipole when viewed from far away? a) A permanent bar magnet. b) Several circular loops of wire closely stacked together with the same current running in each...
-
Given the following Kmap, show algebraically (using Boolean identities) how the four terms reduce to one term X yz 0 1 00 0 0 01 1 1 11 1 1 Description 10 0 0
-
Shannon Company is planning to produce 2,000 units of product in 2014. Each unit requires 3 pounds of materials at $5 per pound and a half-hour of labor at $15 per hour. The overhead rate is 70% of...
-
Shannon Company is planning to produce 2,000 units of product in 2014. Each unit requires 3 pounds of materials at $5 per pound and a half-hour of labor at $15 per hour. The overhead rate is 70% of...
-
Hank Itzek manufactures and sells homemade wine, and he wants to develop a standard cost per gallon. The following are required for production of a 50-gallon batch. 3,000 ounces of grape concentrate...
-
Date December 1 Checks Deposits December 6 $ 7,620 December 11 December 17 550 13,900 $ 28,000 The December bank statement and cash T-account for Stewart Company follow: Other Balance $ 48,000 40,...
-
1. Assume in all cases that the test charge +8q begins a distance ro from the charged object and is pulled away from it to a distance r. Also assume that the electric fields from each object are...
-
Newport Ltd purchased land for $6 million. In the second year, a reputable, independent property valuer's report shows that the value of the land is estimated at $3 million. In the third year, the...
Study smarter with the SolutionInn App